I have 2 mortgages with the same bank. 1 is foreclosing. Will they foreclose the other that I am current on?
I cant afford to pay one mortgage but I can afford the other which I am paying and I am current with payments. Will the bank force me to foreclose both mortgages (especially if the bank is not able to recover the full balance owing on it) or will they let me keep the other mortgage.
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As long as your payments are current, they probably will not foreclose.
They will probably place a lien against it for the amount due on the other house though.
That is definitely a question for your lender. If you are paying the first and not the second you will have a much easier time negotiating. If you are paying on the second and not the first you are “in a pickle”.
Call your bank/lender. Ask them to help you and ask what you can do. No bank/lender has a plan that includes taking your property – we want your money, not the property.
It also depends on where you live and how the market is in your area. It also depends on how much equity there is available in your market.
You may want to consult a licensed, personal finance attorney in your area.
Realistically, if you don’t have any equity, they’ll take what they can get from you… if you can pay one, they might let you keep that one so that they get some revenue.
If you have equity, however, one never knows if they just cut their losses with you and get their money back now. With equity, they won’t lose.
Funny how that works.. if you have equity, which makes you a lower-risk borrower, the lender is more likely to screw you – because they can. If you don’t have equity, and they are facing a loss, they are more likely to work with you to get whatever revenues they can muster.
Yes, they will, but ONLY if you have equity in the property and the sale of the foreclosed home doesn’t fully cover the loan enough to pay it off.
If there is a balance due, then the bank doesn’t have to allow you to sit on an asset, they can come after it.